House price continued decline
According to the survey by property consultancy Hometrack, house prices have continued their decline in April. Prices fell 0.6% in April from March, the biggest decline since December 2006. Hometrack commented that estate agents had reported a minor increase in applicant numbers and sales agreed over February and March, but this did not continue through to April. This month saw a decrease in house sales and a decline in applicant numbers.
The Centre of Economic and Business Research have predicted a 23% rise in home repossessions this year. This is an increase in comparison to last year as repossessions will rise to 33,400 for the year.
Even Londoners are in for a slowdown of the property market as prices have decreased by 2.2% over the past 6 months. Those looking to rent instead of buying, can still find affordable options in areas such as Greenwich and Putney.